Addition under s.69 deleted as assessee's 50% share largely explained; remaining cash linked to disclosed dairy income

Addition under s.69 deleted as assessee's 50% share largely explained; remaining cash linked to disclosed dairy income https://www.taxtmi.com/highlights?id=91845 ITAT allowed the assessee's appeal and deleted the additions under s. 69. The Tribunal held that the impugned property's total purchase consideration was Rs. 45,47,701, of which the assessee, as 50% co-owner, only bore Rs. 22,73,850. The assessee satisfactorily explained Rs. 22,00,000 of that share; the remaining Rs. 73,850 was plausibly attributable to cash-in-hand disclosed in the return relating to dairy income and could have been called for explanation by the AO. The AO's blanket addition of the entire investment was therefore found unjustified and set aside. en-us Sat, 23 Aug 2025 08:31:25 +0530 Sat, 23 Aug 2025 08:31:27 +0530 TaxTMI RSS Generator Addition under s.69 deleted as assessee's 50% share largely explained; remaining cash linked to disclosed dairy income https://www.taxtmi.com/highlights?id=91845 ITAT allowed the assessee's appeal and deleted the additions under s. 69. The Tribunal held that the impugned property's total purchase consideration was Rs. 45,47,701, of which the assessee, as 50% co-owner, only bore Rs. 22,73,850. The assessee satisfactorily explained Rs. 22,00,000 of that share; the remaining Rs. 73,850 was plausibly attributable to cash-in-hand disclosed in the return relating to dairy income and could have been called for explanation by the AO. The AO's blanket addition of the entire investment was therefore found unjustified and set aside. Highlights Income Tax Sat, 23 Aug 2025 08:31:25 +0530 https://www.taxtmi.com/highlights?id=91845